General Insurance Corpn. of India v. CIT

17 Taxmann.com 247Supreme Court of India2012#8627 most cited

What is General Insurance Corpn. of India v. CIT authority for?

An Assessing Officer cannot interfere with accounts of an assessee engaged in life insurance business if they are drawn up in accordance with the First Schedule to the Income Tax Act and satisfy the Insurance Act's requirements. The figures in such accounts are binding on the Assessing Officer.

13

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2022 to 2026.

Also referred to as

General Insurance Corpn. of India v. CIT · Section 44 · First Schedule · insurance business · binding on assessing officer · tampering with accounts · life insurance business · profits and gains · tax law · income tax act

Also reported as

204 Taxmann 587156 CTR 425

Sections most often in play

Section 1961Section 1938Section 14ASection 115BSection 1999Section 44 of the Income Tax ActSection 10(34)Section 44

Issues it is cited on

section 10(15)section 60section 191section 10(34)section 199section 39interest on securitieswholly and exclusively for businesssection 30mere change of opinionprohibited by lawpenalty u/s 270a

Judgments citing General Insurance Corpn. of India v. CIT

National Insurance Company Limited, New Town vs. DCIT, Circle 5(1), Kolkata

In the result, the appeal filed by the assessee in ITA No

ITA 2806/KOL/2025[2023-2024]Status: DisposedITAT Kolkata12 Feb 2026AY 2023-2024

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 250Section 270ASection 37(1)Section 40C

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH AT KOLKATA Before SHRI GEORGE MATHAN, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA Nos.: 2803, 2804, 2805 & 2806/KOL/2025 Assessment Years: 2018-19, 2022-23 & 2023-24 National Insurance Company DCIT, Circle-5(1), Kolkata Limited Vs. (Appellant) (Respondent) PAN: AAACN9967E Appearances: Assessee represented by : S. Bhattacharya, CA. Department represented by : Praveen Kishore, CIT (DR). Date of concluding the hearing : 04-February-2026 Date of pronouncing the order : 12-February-2026 ORDER PER RAKESH MISHRA, ACCOUNTANT MEMBER: These four appeals…

National Insurance Company Limited, New Town vs. DCIT, Circle 5(1), Kolkata

In the result, the appeal filed by the assessee in ITA No

ITA 2804/KOL/2025[2018-2019]Status: DisposedITAT Kolkata12 Feb 2026AY 2018-2019

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 250Section 270ASection 37(1)Section 40C

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH AT KOLKATA Before SHRI GEORGE MATHAN, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA Nos.: 2803, 2804, 2805 & 2806/KOL/2025 Assessment Years: 2018-19, 2022-23 & 2023-24 National Insurance Company DCIT, Circle-5(1), Kolkata Limited Vs. (Appellant) (Respondent) PAN: AAACN9967E Appearances: Assessee represented by : S. Bhattacharya, CA. Department represented by : Praveen Kishore, CIT (DR). Date of concluding the hearing : 04-February-2026 Date of pronouncing the order : 12-February-2026 ORDER PER RAKESH MISHRA, ACCOUNTANT MEMBER: These four appeals…

National Insurance Company Limited, New Town vs. DCIT, Circle 5(1), Kolkata

In the result, the appeal filed by the assessee in ITA No

ITA 2803/KOL/2025[2018-2019]Status: DisposedITAT Kolkata12 Feb 2026AY 2018-2019

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 250Section 270ASection 37(1)Section 40C

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH AT KOLKATA Before SHRI GEORGE MATHAN, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA Nos.: 2803, 2804, 2805 & 2806/KOL/2025 Assessment Years: 2018-19, 2022-23 & 2023-24 National Insurance Company DCIT, Circle-5(1), Kolkata Limited Vs. (Appellant) (Respondent) PAN: AAACN9967E Appearances: Assessee represented by : S. Bhattacharya, CA. Department represented by : Praveen Kishore, CIT (DR). Date of concluding the hearing : 04-February-2026 Date of pronouncing the order : 12-February-2026 ORDER PER RAKESH MISHRA, ACCOUNTANT MEMBER: These four appeals…

DCIT, Pune vs. Bajaj Allianz Life Insurance Company Limited, Pune

In the result, both the appeals filed by the Revenue are dismissed

ITA 654/PUN/2024[2018-19]Status: DisposedITAT Pune29 Oct 2024AY 2018-19

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: Shri Percy Pardiwalla &For Respondent: Shri P R Mane
Section 10(15)Section 10(34)Section 143(1)Section 143(2)Section 14ASection 44

…company. The Assessing Officer has no power to tamper with account of the assessee engaged in life insurance business. The ratio of this judgement was reiterated subsequently by the Hon’ble Apex Court in the case of General Insurance Corpn. of India vs. CIT, 156 CTR 425 (SC) by holding as under :- “19. There is another approach to the same issue. Section 44 of the Income- tax Act read with the rules contained in the First Schedule to the Act lays down an artificial mode of computing the profits and gains of insurance business. For the purpose of income-tax, the figures in the accounts of the assessee drawn up in…

DCIT, Pune vs. Bajaj Allianz Life Insurance Company Limited, Pune

In the result, both the appeals filed by the Revenue are dismissed

ITA 653/PUN/2024[2016-17]Status: DisposedITAT Pune29 Oct 2024AY 2016-17

Bench: Shri R. K. Panda & Ms Astha Chandra

For Appellant: Shri Percy Pardiwalla &For Respondent: Shri P R Mane
Section 10(15)Section 10(34)Section 143(1)Section 143(2)Section 14ASection 44

…company. The Assessing Officer has no power to tamper with account of the assessee engaged in life insurance business. The ratio of this judgement was reiterated subsequently by the Hon’ble Apex Court in the case of General Insurance Corpn. of India vs. CIT, 156 CTR 425 (SC) by holding as under :- “19. There is another approach to the same issue. Section 44 of the Income- tax Act read with the rules contained in the First Schedule to the Act lays down an artificial mode of computing the profits and gains of insurance business. For the purpose of income-tax, the figures in the accounts of the assessee drawn up in…

Assistant Commissioner of Income Tax, Mumbai vs. Hdfc Life Insurance Company Limited, Mumbai

In the result, the appeal filed by the Revenue is dismissed

ITA 2716/MUM/2023[2019-20]Status: DisposedITAT Mumbai29 Oct 2024AY 2019-20

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailacit – 1(1)(1) 597, Aayakar Bhavan, Mk Road, Mumbai Maharashtra–400020……………. Appellant

For Appellant: Shri Ms. Aarti VissanjiFor Respondent: Shri Manoj Kumar Sinha, Sr. AR
Section 10Section 144Section 250Section 28Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ACIT – 1(1)(1) 597, Aayakar Bhavan, MK Road, Mumbai Maharashtra–400020……………. Appellant v/s HDFC Life Insurance Company Ltd., 13th Floor, Lodha Excelus Apollo Mills Compound N.M Joshi Marg, Jacob Circle, Mumbai – 400011. Maharashtra - 400011 PAN: AAACH8755L……………. Respondent CO.No. 22/MUM/2024 (Assessment Year :2019–20) HDFC Life Insurance Company Ltd., 13th Floor, Lodha Excelus Apollo Mills Compound N.M Joshi Marg, Jacob Circle, Mumbai – 400011. ……………. Cross Objector M…

JCIT (OSD), I/C DCIT, Circle-8(3)(1), Mumbai vs. M/S. Tata Aia Life Insurance Co. Ltd., Mumbai

In the result, appeals of the Revenue stands dismissed and appeal/CO of assessee are partly allowed for statistical purposes

ITA 1897/MUM/2023[2013-14]Status: DisposedITAT Mumbai31 Jan 2024AY 2013-14

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1897/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Jt. Commissioner Of Income बिधम/ M/S. Tata Aia Life Tax (Osd)- I/C Dcit, Insurance Co. Ltd. Vs. 14Th Floor, Tower-A, Circle-8(3)(1) Aaykar Bhavan, Room No. Peninsula Business Park, 615, M. K. Road, New Senapati, Bapat Marg, Marine Lines, Mumbai- Lower Parel, Mumbai- 400020. 400013. Cross Objection No. 80/Mum/2023 Arising Out Of I.T.A. No.1897/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) M/S. Tata Aia Life बिधम/ Jt. Commissioner Of Insurance Co. Ltd. Income Tax (Osd)- I/C Vs. 14Th Floor, Tower-A, Dcit, Circle-8(3)(1) Peninsula Business Park, Aaykar Bhavan, Room Senapati, Bapat Marg, No. 615, M. K. Road, Lower Parel, Mumbai- New Marine Lines, 400013. Mumbai-400020. आयकर अपील सं/ I.T.A. No.1759/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2018-19) Jt. Commissioner Of Income बिधम/ M/S. Tata Aia Life Tax (Osd)- I/C Dcit, Insurance Co. Ltd. Vs. Circle-8(3)(1) 14Th Floor, Tower-A, Aaykar Bhavan, Room No. Peninsula Business Park, 615, M. K. Road, New Senapati, Bapat Marg, Marine Lines, Mumbai- Lower Parel, Mumbai- 400020. 400013. .

For Appellant: Shri Madhur AgarwalFor Respondent: Shri Biswanath Das (DR)
Section 10Section 10(34)Section 14ASection 44

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1897/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Jt. Commissioner of Income बिधम/ M/s. Tata AIA Life Tax (OSD)- I/c DCIT, Insurance Co. Ltd. Vs. 14th Floor, Tower-A, Circle-8(3)(1) Aaykar Bhavan, Room No. Peninsula Business Park, 615, M. K. Road, New Senapati, Bapat Marg, Marine Lines, Mumbai- Lower Parel, Mumbai- 400020. 400013. Cross Objection No. 80/Mum/2023 Arising out of I.T.A. No.1897/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) M/s. Tata AIA Life बिधम/ Jt.…

ACIT-1(1)(1), Mumbai vs. Hdfc Life Inusrance Company Limited, Mumbai

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

ITA 1848/MUM/2023[2018-2019]Status: DisposedITAT Mumbai01 Nov 2023AY 2018-2019

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 10Section 14ASection 44

…1 ITsA1775 & 1848/Mum/2023 HDFC Life Insurance Co Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”,MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND MS. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.1775/Mum/2023 - A.Y. 2017-18 I.T.A. No.1848/Mum/2023 - A.Y. 2018-19 ACIT-1(1)(1), 579, Aayakar Bhavan vs HDFC Life Insurance Company Limited, 13th Floor, Lodha Excelus, M.K. Road, Mumbai-400 020 Apollo Mills Compound, Joshi Marg, Mahalaxmi, Mumbai-400 011 PAN : AAACH8755L APPELLANT RESPONDENT C.O. Nos.75 & 76/Mum/2023 (Arising out of I.T.A. Nos.1775 & 1848/Mum/2023) (Assessment years, 2017-18 & 2018-19) H…

ACIT 1(1)(1), Mumbai vs. M/S Hdfc Standard Life Insurance Co. Ltd (Now Known As Hdfc Life Insurance Co Ltd.), Mumbai

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

ITA 1775/MUM/2023[2017-18]Status: DisposedITAT Mumbai01 Nov 2023AY 2017-18

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 10Section 14ASection 44

…1 ITsA1775 & 1848/Mum/2023 HDFC Life Insurance Co Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”,MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND MS. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.1775/Mum/2023 - A.Y. 2017-18 I.T.A. No.1848/Mum/2023 - A.Y. 2018-19 ACIT-1(1)(1), 579, Aayakar Bhavan vs HDFC Life Insurance Company Limited, 13th Floor, Lodha Excelus, M.K. Road, Mumbai-400 020 Apollo Mills Compound, Joshi Marg, Mahalaxmi, Mumbai-400 011 PAN : AAACH8755L APPELLANT RESPONDENT C.O. Nos.75 & 76/Mum/2023 (Arising out of I.T.A. Nos.1775 & 1848/Mum/2023) (Assessment years, 2017-18 & 2018-19) H…

DCIT-1(3)(1), Mumbai vs. M/S Future Generali India Life Insurance Co. Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1695/MUM/2023[2018-2019]Status: DisposedITAT Mumbai24 Jul 2023AY 2018-2019
Section 10Section 143(3)Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘F‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER DCIT-1(3)(1) Vs. M/s. Future Generali Room No.535 India Life Insurance 5th Floor Co. Ltd. Aayakar Bhavan Unit No.801-802, Tower M.K.Road C-247, Embassy Park Mumbai-400020 LBS Marg, Vikhroli (W) Tagore Nagar, S.O. Mumbai-400 083 PAN/GIR No.AABCF0190Q (Appellant) .. (Respondent) Assessee by Ms. Dinkle Hariya Revenue by Ms. Zeenia Handa Date of Hearing 19/07/2023 Date of Pronouncement 24/07/2023 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by th…

The Oriental Insurance Co. Ltd., New Delhi vs. DCIT, Circle- 1, Ltu, New Delhi

ITA 1952/DEL/2018[2013-14]Status: DisposedITAT Delhi29 May 2023AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

Section 10(38)Section 111ASection 115JSection 143(3)Section 14ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH.ANUBHAV SHARMA, JUDICIAL MEMBER ITA No. 1952/Del/2018, A.Y. 2013-14 M/s. The Oriental Insurance Co. Vs. DCIT, Ltd. Circle-1, LTU, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 PAN :AAACT0627R ITA No. 1750/Del/2018, A.Y. 2013-14 DCIT, Vs. M/s. The Oriental Insurance Circle-1, LTU, Co. Ltd. New Delhi A-25/27, Asaf Ali Road, New Delhi- 110002 PAN :AAACT0627R Appellant Respondent Assessee by Sh. Taran Deep Singh, Adv. Revenue by Sh. Sujit Kumar, CIT DR Date of hearing: 17.05.2023 Date of…

DCIT, Circle- 1, Ltu, New Delhi vs. The Oriental Insurance Co. Ltd., New Delhi

ITA 1750/DEL/2018[2013-14]Status: DisposedITAT Delhi29 May 2023AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

Section 10(38)Section 111ASection 115JSection 143(3)Section 14ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH.ANUBHAV SHARMA, JUDICIAL MEMBER ITA No. 1952/Del/2018, A.Y. 2013-14 M/s. The Oriental Insurance Co. Vs. DCIT, Ltd. Circle-1, LTU, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 PAN :AAACT0627R ITA No. 1750/Del/2018, A.Y. 2013-14 DCIT, Vs. M/s. The Oriental Insurance Circle-1, LTU, Co. Ltd. New Delhi A-25/27, Asaf Ali Road, New Delhi- 110002 PAN :AAACT0627R Appellant Respondent Assessee by Sh. Taran Deep Singh, Adv. Revenue by Sh. Sujit Kumar, CIT DR Date of hearing: 17.05.2023 Date of…

M/S the Oriental Inssurance Co.Ltd., New Delhi vs. DCIT, New Delhi

ITA 200/DEL/2016[2011-12]Status: DisposedITAT Delhi22 Nov 2022AY 2011-12

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharmam/S. The Oriental Insurance Co. Ltd, Vs. The Dcit, A 25/27, Asaf Ali Road, Ltu, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan: Aaact0627R

For Appellant: Shri Tarandeep Singh, AdvFor Respondent: Ms. Sarita Kumari, CIT DR
Section 10(38)Section 115Section 115JSection 143(1)Section 143(2)Section 143(3)Section 14ASection 28Section 44

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “E”: NEW DELHI BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER M/s. The Oriental Insurance Co. Ltd, Vs. The DCIT, A 25/27, Asaf Ali Road, LTU, New Delhi New Delhi-110002 (Appellant) (Respondent) PAN: AAACT0627R Assessee by : Shri Tarandeep Singh, Adv Shri Pulkit Verma, Adv Revenue by: Ms. Sarita Kumari, CIT DR Date of Hearing 11/10/2022 Date of pronouncement 22/11/2022 O R D E R PER ANUBHAV SHARMA, J. M.: 1. The present appeal has been preferred by the Assessee against the order dated 16.11.2015 of Ld Commissioner of Income Tax (…

General Insurance Corpn. of India v. CIT (17 Taxmann.com 247) — Cited in 13 Judgments | BharatTax